Key Insights
- Popcat price shows weakness after mild elevation.
- A Popcat holder has deposited 10M Popacat Coin worth $3.15M in Bybit.
- The technical chart suggests a bearish forecast.
Popcat (POPCAT) price has witnessed a strong downtrend. Amid this sell-off, POPCAT investors have lost around 85% since mid-November. POPCAT price has been falling in lower lows and lower highs format.
At press time, the price was trading in the lower high zone and has faced resistance from the 20-day EMA. Furthermore, the chart structure has generated a selling scenario in the lower high territory.
As POPCAT prices skyrocketed, an early POPCAT holder returned from a long hiatus to send ten million tokens, worth $3.15 Million, via Bybit.
POPCAT Price Loses Momentum Near 20-day EMA
When writing, POPCAT crypto was trading at $0.278 which has declined by 4.95% over the past 24 hours. The market capitalization was $273.29 Million and the 24-hour trading volume was $57.07 Million.
According to the chart structure, the POPCAT price is stuck in a major downtrend. However, buyers bounced back and took support on the $0.200 level.
After taking support, the price gained around 35% in a week. Furthermore, buyers got exhausted near the 20-day EMA and declined slightly.
This mild selling pressure could lead to a selling pressure. The price was trading in the lower high territory which might attract sellers. Once the price declines below the $0.26 level, it might record a new lower low.
Conversely, if the price exceeds the 20-day EMA, a bullish scenario can be generated. If the price sustains over the 20-day EMA, buyers might participate. This bullish momentum can be converted into a bullish rally.
On a weekly time frame, the price has formed a base near the $0.200 territory. If the chart structure attracts buyers, it might be a signal for incoming buying momentum. On the other hand, if the price forms any bearish candlesticks, sellers may dominate ahead.
Whales Swapping Solana Coins With Meme Coins
On December 14, the cryptocurrency whale made its first big move when it exchanged 350 SOL, which had a market value of $24.5K, for 9.27 million POPCAT tokens.
The whale currently holds 1.173 million POPCAT tokens, which is $404K less than they did before their recent transaction.
The whale realized 633% returns from less than 1.173 million POPCAT tokens, resulting in a $7.32 million profit during this transaction phase.
Large owners’ action drains profits and may result in price changes.
POPCAT Price Analysis Amid Whale Activity
The recent activity surrounding Popcat highlights a complex market environment marked by bearish trends and potential selling pressure.
Despite a temporary 35% price increase following support at the $0.200 level, the inability to sustain momentum near the 20-day EMA indicates challenges ahead for buyers.
The recent deposit of 10 million POPCAT tokens by a holder and the significant profit realization by a whale highlight the ongoing volatility and profit-taking behavior among large investors.
As the price hovers in the lower high territory, the risk of further declines below key support levels remains. Note that a breakthrough from the 20-day EMA could signal a potential bullish reversal.